Despite pressure from banks, trade groups, and some members of Congress to delay or scuttle a major bank accounting change, bank regulators are warning: Prepare for the credit losses standard on time and as written.
“Don’t wait any longer. Don’t panic but don’t wait any longer,” said Alison Clark, chief accountant at the National Credit Union Association April 11, during a regulator webinar about how financial institutions must follow the Financial Accounting Standards Board’s current expected credit losses (CECL) accounting standard.
“I’m feeling pretty confident there will not be any substantive changes in any way,” Clark said.
- FASB’s credit...